4 ms·

Very cool that this article interviewed a hn member. My understanding is that you still have to pay taxes for 10 years after terminating citizenship, is this t

• philiphodgen 14y ago
  Nope. That was the old system. That went away in 2008. The new system is that you are treated as if all your tax chickens come home to roost at once. All your IRAs etc are treated as distributing. You are treated as selling everything you own. It is a giant mark-to-market event in your life. This applies to "rich" people. This means $2 million net worth and up, or you paid an average of $151k of Fed tax over the previous five years. Under these limits? You are out with paperwork, no tax.